Market Takes New Swaps Rules in Stride

By

Katy Burne

Updated May 1, 2013 7:27 p.m. ET

The market for derivatives survived a deadline Wednesday that some large banks had predicted would bring mayhem.

New federal rules kicked in May 1 that require banks dealing in a type of derivatives known as swaps to have extensive records about their customers in order to shield themselves from liability. Thousands of companies use swaps to hedge against swings in everything from the cost of raw materials to interest rates.